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75 (a) The proposal (the "Proposal") of Chase Manhattan Capital Markets Corp., et al. (t.he "Purchaser"), to purchase from the City its five million dollars ($5,000,000) aggregate principal amount of "City of Charlottesville, Virginias Public Improvement Bonds, dated as of August 1, 1985" (defined in the recitals hereto asthe "Bonds"), authorized to be issued by the bond ordinances adopted by the Council on June 20, 1983 and OCtober 27, 1983 referred to ~n the recitals hereto (hereinafter collectively referred to as the "Bond Ordinance"), has in all respects been'submitted in the proper form and in a timely manner. Defects, if any, in the form of the Proposal or in the manner of its submission are hereby waived. (b) Of all proposals submitted in response to the Notice of Sale referred to in paragraph 3, the Proposal is the one offering to purchase the Bonds at the lowe'st true interest cost to the City. 2. The Proposal of the Purchaser to purchase ~he Bonds for a purchase price equal to the principal amount thereof plus a premium of eighty-seven Dollars and fifty cents ($87.50) and accrued interest from the date of the Bonds to the date of the payment in ~ull of the purchase price thereof is hereby accepted. In accordance with the terms of the PropoSal of the ~urchaser, the Bo~ds shall bear interest at the rates per annum as set forth in paragraph 4. 3~ Ail action taken to date by the officials of the City with respect to the sale of the Bonds, including the action of the Director of Pinance of the City in causing to be published on July 19, 198 in The Bond Buyer, a financial newspaper published in the City of New York, New York, and on July 22, 1985 in The Daily Progress, a newspaper of general circulation publi~h~ed in the City of Charlottesville, Virginia, a Notice of Sale relating to the Bonds, and the actions of the Mayor, the Director of Finance and other officials of the City in causing to be distributed copies of an Official Statement relating to the Bonds (including the Notice of Sale of the Bonds contained therein) and a Proposal Fo'rm for the Submission of proposal £or the purchase of-the Bonds in the respective forms thereof presented at the meeting of the Council held on July 31, 1985, and the form and contents of such Notice of Sale, Official Statement and Proposal Form, and the details of the Bonds described therein, are hereby approved, ratified and confirmed. 4. The Bonds shall be dated as of August 1, 1985, and shall mature serially on August 1 in the principal amount of $250,000 in the years 1986 through 2005, inclusive. The Bonds maturing ~n each year shall bear interest from their date payable on February 1, 1986 and semiannually on each ~August 1, and February 1 thereafter at the rate per annum set £orth opposite such year below: Interest Interest Year Rate Year Rate 1986 7.10% 1996 7.80% 1987 7.10 1997 8.00 1988 7.10 1998 8.10 1989 7.20 1999 8.20 1990 7.20 2000 8.25 1991 7.20 2001 8.30 1992 7.20 2002 8.30 1993 7.20 2003 8.40 1994 7.40 2004 8.40 1995 7.60 2005 8.40 5. The provisions of paragraphs 2, 3, 4, S and 7 of the June 20, 1983 Bond Ordinance shall apply to the Bonds authorized to be issued under the October 27, 1983 Bond Ordinance. The Bonds shall be in substantially the following form, to wit: